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Dogecoin

Dogecoin Price Crash To $0.2: Analyst Warns Of Further Crash To $0.15

Scott Matherson
by Scott Matherson
6 months ago
·
Posted in Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The cryptocurrency market has been reeling from a broader sell-off, and Dogecoin has not been spared, with its price recently dropping to a three-month low of $0.20. While there has been a slight recovery, concerns remain that the decline is not over yet. According to a crypto analyst known as David_Perk on TradingView, Dogecoin is still in a strong downtrend, with indicators pointing toward further losses that could see the meme coin crashing to $0.15.

Dogecoin’s Price Weakness And The Risks Of Further Decline

Dogecoin’s recent price crash was a very daunting move for bullish investors. However, the crash led to a rebound at the $0.2 level, and now seems to be stabilizing at this support level. While this is a temporary slowdown in the crash, technical analysis shows there’s still a risk of more downside moves. 

Related Reading: Dogecoin Price Is Retesting The Apex Of The Ascending Triangle, Time To Buy Or Sell?

Crypto analyst David_Perk, who shared his outlook on TradingView using the 12-hour Dogecoin candlestick chart, maintains that the meme coin remains in a firm downtrend. According to the analysis, there are no clear signs of a bullish reversal at this stage, with price action continuing to reflect selling pressure.

David_Perk’s analysis suggests that DOGE is currently positioned within a strong descending channel and is approaching a critical daily trendline. Notably, this descending channel has been in formation since the beginning of this year. 

Dogecoin
A impending descent to $0.15 | Source: David Perk on Tradingview

The loss of multiple support levels further strengthens the argument that Dogecoin could be headed for another leg downward. Fibonacci retracement levels and historical price data reinforce this bearish outlook, with the analyst predicting a minimum 30% drop from the current levels.

Is A Further Crash To $0.15 Really Coming?

According to the analyst, Dogecoin could continue declining until it bottoms out at $0.15, based on historical data and Fibonnacci levels. Notably, the recent dip has erased a large portion of the gains Dogecoin holders had accumulated since October 2024, and if the decline extends to $0.15, it would mark a near-total retracement of the rally that began late last year. Particularly, such a move would mark a 68% loss from Dogecoin’s recent multi-year high in December last year.

Related Reading: Dogecoin Gaussian Channel Turns Green On The 4-Hour Chart, Why A New ATH Above $1 Is Imminent

At the time of writing, Dogecoin is trading at $0.21, up by about 4.5% in the past 24 hours, but still down 16.5% in a seven-day timeframe. The only way to avoid such a dip to $0.15 is if DOGE bulls can maintain a foothold above the support at $0.20 and break above $0.25. Failure to break above $0.25 would keep Dogecoin trapped in its descending channel. The next thing in this case would be the creation of a lower low, which would ultimately translate to a crash below $0.20. 

Fortunately, on-chain data shows that long-term DOGE holding addresses are still in “Denail,” which is still a positive signal.

Dogecoin
DOGE trading at $0.21 on the 1D chart | Source: DOGEUSDT on Tradingview.com
Featured image from Medium, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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